Pakistan’s import cover reduces to two months

Pakistan’s import cover reduces to two months

KARACHI: Pakistan’s import cover has been reduced to two months with a reduction in official foreign exchange reserves of the State Bank of Pakistan (SBP) to $16.01 billion.

The import cover was 3.3 months in August 2021, according to analysts at Topline Securities.

According to the data released by the SBP, its official reserves were declined by $244 million to $16.01 billion by the week ended November 26, 2021, as compared with $16.254 billion a week ago.

The foreign exchange reserves of the country reduced by $275 million to $22.499 billion by the week ended November 26, 2021, as compared with $22.774 billion by the week ended November 19, 2021.

The foreign exchange reserves held by commercial banks also declined by $31 million to $6.489 billion by the week ended November 26, 2021 as compared with $6.52 billion a week ago.

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